Top 10 Do’s and Don’ts to stay approved

You got your loan approval, congratulations! But the work is not done. Now you need to make sure you don’t mess up that approval. Follow these do’s and don’ts to stay approved and it should be smooth sailing!

Don’ts to stay approved

Don’t make any large purchases.
The additional debt or reduction in your assets will affect your loan approval.

Don’t apply for new credit.
Even if you don’t open the account, the inquiry could affect your credit score

Don’t pay off any collections without consulting your loan officer.
Paying them off could lower your credit score in the short term.

Don’t change bank accounts, move money around or make cash deposits.
All funds have to be property documented which means that you will be creating additional paperwork for yourself and possibly causing a delay in your closing.

Don’t change jobs or give notice.
Your employment and income are a huge portion of your loan qualification. All lenders verify employment for underwriting approval but also 24-48 hours before the loan closes. If you no longer work at the same job or you have given notice, your loan will come to a complete halt.

Don’t give notice to your landlord before consulting with your loan officer.
You want to make sure that you give yourself enough time make the transition from your current home to your new one.

Do’s to stay approved

Do stay current on all of your accounts.
Missing a payment will affect your credit scores which could in turn void your approval

Do continue to keep your paperwork organized.
Be prepared for any last minute requests from the underwriter.

Do respond to your loan officer’s calls and requests as promptly as possible. Though the loan officer and mortgage company are tasked with getting your loan closed on time, nothing can happen without your cooperation.

Do ask questions.
Your loan officer is there to guide you through the process. Don’t rely on searched on the internet or assume you can figure it out.

These Do’s and Don’ts to stay approved is not everything you have to keep an eye on but it will get you well on your way.

So, there you have it. A quick look at the do’s and don’ts to stay approved

If you have any questions on this topic or any other mortgage-related topic, by all means reach out to me.

Ocean Lending Links

Disclaimer:
The views and opinions expressed on this site about work-related matters are my own, have not been
reviewed or approved by Ocean Lending, and do not necessarily represent the views and opinions
of Ocean Lending. In no way do I commit Ocean Lending to any position on any matter or issue
without the express prior written consent of Ocean Lending’s Human Resources Department.

This website is not authorized by the New York State Department of Financial Services to accept mortgage loan applications for properties located in New York. Intended for California Consumers Only.
Ocean Lending Home Loans Inc. NMLS ID #1626788 (www.nmlsconsumeraccess.org). 27271 Las Ramblas ste 150 Mission Viejo CA 92691 (888) 508-5030. All rights reserved. This is not an offer to enter into an agreement. Information, rates, & programs are subject to change without prior notice and may not be available in all states. All products are subject to credit & property approval. Ocean Lending is not affiliated with any government agency. Licensed by the Dept of Business Oversight under the California Residential Mortgage Lending Act License # 41DBO-76602 and Finance Lenders Law Lic # 60DBO71981

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here:
Cookie and Privacy Policy